Spectrum Group International, Inc. Announces Commencement of a Self-Tender Offer to Purchase up to 200 of Its Common Shares
Spectrum Group International, Inc. (SPGZ) has initiated a self-tender offer to purchase up to 200 Common Shares at a price of $18,000 per share, reflecting a 1:10 reverse split made in December 2021. The offer, which is voluntary and not conditional on a minimum number of shares being tendered, will expire on February 15, 2023. In case of oversubscription, shares will be prorated. Shareholders are encouraged to read the Offer to Purchase documents for detailed terms and conditions, and consult with their financial advisors prior to participating.
The Company emphasizes that this press release is informational and does not serve as an offer or solicitation for shares.
- Self-tender offer to purchase shares at $18,000 each.
- Offer is designed to enhance shareholder value.
- Only 200 shares are being targeted for purchase, limiting participation.
- Offer depends on shareholder response, and oversubscription may lead to proration.
COSTA MESA, Calif., Jan. 17, 2023 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (SPGZ) (“SGI” or the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, announced today the commencement of a self-tender offer (the “Offer”) to purchase for cash up to 200 common shares, par value
The Offer will expire at 5:00 pm, Eastern Time, on Wednesday, February 15, 2023, unless extended by SGI (the “Expiration Time”). Tenders of the Common Shares must be made prior to the Expiration Time and may not be withdrawn. However, if the Expiration Time is extended and closing of the Offer has not occurred by March 17, 2023, shareholders may withdraw their previously tendered Common Shares.
Participation in the Offer is voluntary. The Offer is not conditioned upon any minimum number of Common Shares being tendered. However, if the Offer is oversubscribed, the Company will prorate the number of shares accepted for payment. If application of the proration factor to the number of Common Shares tendered results in a fractional share, the number of shares accepted for payment from the tendering shareholder will be rounded down to the nearest whole share. If the number of Common Shares resulting from application of the proration factor is less than one, none of the shares from the tendering shareholder will be accepted.
The tender of fractional Common Shares will not be accepted, unless the shares tendered represent all of the shares held of record by the tendering shareholder.
The Offer is subject to various terms and conditions. Specific instructions and an explanation of the terms and conditions of the Offer are contained in the offer to purchase, dated January 17, 2023 (the “Offer to Purchase”) and related materials that are being mailed to shareholders.
Certain Information Regarding the Offer
D.F. King & Co., Inc. will serve as information agent. The depositary is American Stock Transfer & Trust Company, LLC. For more information about the Offer, please contact D.F. King & Co., Inc. at spectrumgroup@dfking.com or (800) 283-2170.
While SGI’s board of directors has authorized the Offer, none of SGI, its directors and officers, the depositary or the information agent are making any recommendation to shareholders on whether or not to tender their Common Shares. Shareholders must make their own decision as to whether to tender their Common Shares and, if so, how many Common Shares to tender. In doing so, shareholders should read carefully the information in the Offer to Purchase and the Letter of Transmittal relating to the Offer that are being distributed to shareholders, as they may be amended or supplemented. Shareholders should read the Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the Offer. Shareholders are urged to discuss their decision with their tax advisors, financial advisors and/or brokers.
This press release is for informational purposes only and is not an offer to buy or a solicitation of an offer to sell any Common Shares.
The offer is being made solely by the Offer to Purchase and the related Letter of Transmittal, as they may be amended or supplemented. Investors may obtain these documents for free from D.F. King & Co., Inc. by telephone at (800) 283-2170 or by email at spectrumgroup@dfking.com.
About SGI
SGI operates through its subsidiaries as an integrated network of leading companies concentrating on numismatics (coins) and paper currency. The Company is also a merchant/dealer of certain collectibles. The sale of our products is conducted through auctions – both traditional live auctions as well as Internet only auctions – or through merchant/dealer transactions. The Company has offices and auction houses in North America, Europe and Asia. The Company's principal subsidiary is Stack's-Bowers Numismatics, LLC. In addition, through the Company’s
Contact:
Spectrum Group International, Inc.
Greg Roberts
groberts@spectrumgi.com
949-748-4800
FAQ
What is the self-tender offer by Spectrum Group International, Inc. (SPGZ)?
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Is the self-tender offer for SPGZ mandatory for shareholders?
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